Express Chairman Christopher Obura. FILE
Transport and logistics company Express Kenya will seek a replacement for its long-serving chairman as it struggles to remain in the profit zone.
The firm has announced ahead of September 27 annual general meeting that Christopher Obura will not seek re-election.
Mr, Obura, 77, was among those targeted by the Capital Markets Authority in the proposal to bar directors above 75 years old from sitting in the boards of companies listed on the Nairobi bourse.
The firm has four directors including the CEO Hector Diniz, the smallest number at the Nairobi bourse.
The logistic firm has not paid dividends for the third year in a row despite a return to profitability last year on asset sales—which nearly quadrupled to Sh197.7 million from Sh54.8 million in 2011.
It posted a profit of Sh13 million last year from a loss of Sh229.1 million in 2011. The firm is diversifying to real estate following the loss of its major transport and logistics client, East African Breweries Ltd in 2010.
At 77, Mr Obura was among a crop of old directors including Titus Mbathi of KenGen (83), Solomon Karanja (76) of Bamburi and the 76-year-old Michael Somen who is currently a director at NIC Bank.
Moody Awori, 86, this year retired from the Eveready East Africa board, but Mr Obura remains chair of Olympia Capital.
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